Selected Food Price Watch for August 2023 shows that the average price of 1kg of Beef boneless stood at N2,799.51. This indicates 30.75% rise in price on a year-on-year basis from N2,141.18 recorded in August 2022 and 1.50% rise in price on a month-on-month basis from N2,758.13 in July 2023. The average price of 1kg of Rice local sold loose increased by 62.68% on a year-on-year basis from N454.10 in August 2022 to N738.74 in August 2023. On a month-on-month basis, the average price of this item increased by 13.04% from N653.49 in July 2023. The average price of 1kg of Beans brown (sold loose) rose by 27.00% on a year-on -year basis from N545.61 in August 2022 to N692.95 in August 2023. On a month-on-month basis, it increased by 3.88% from N673.53 in July 2023.

Similarly, the average price of 1kg of Onion bulb rose by 30.54% on a year-on-year basis from N393.22 in August 2022 to N513.29 in August 2023, while on a month-on-month basis, there was an increase of 2.10%. The average price of 1kg of Yam tuber rose by 42.80% on a year-on-year basis from N403.65 in August 2022 to N576.39 in August 2023. On a month-on -month basis, it increased by 6.86% from N539.41 in July 2023. In addition, the average price of Vegetable oil (1 bottle, specify bottle) stood at N1,389.14 in August 2023, showing an increase of 32.36% from N1,049.49 in August 2022. On a month-on-month basis, it rose by 1.76% from N1,365.17 in July 2023.

Data source: National Bureau of Statistics

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